Articles by Son Ji-hyoung
Son Ji-hyoung
consnow@heraldcorp.com-
Korean offshore banking units to send high dividends to parent company
Banking units in South Korea wholly owned by foreign financial giants are expected to send about 35-40 percent of their net profit to their respective parent companies outside Korea through dividends. The banking entities have said the dividend payouts stemmed from a surge in net revenue and adequate capital buffer in 2017. In a board of directors’ meeting on March 14, Standard Chartered Bank Korea increased its dividend propensity to about 40 percent of net income in 2017, from 35.6
Market March 27, 2018
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Home appliance maker stocks surge on air pollution woes
Fine dust that engulfed the Korean Peninsula in recent days and the following government contingency measures have stirred sharp upward moves Monday in the stock prices of South Korean producers of home appliances like air purifiers and humidifiers. Air purifier maker Coway, listed on the top-tier Kospi, jumped 3.2 percent from the previous trading day. Another purifier maker Dayou Winia, trading on the second-tier Kosdaq, climbed up 6.5 percent. The share price increase was also seen for other
Market March 26, 2018
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Former Posco Daewoo vice president to head state-run oil firm
The state-run Korea National Oil Corporation has tapped Yang Su-yeong as the new chief executive officer. On Thursday, Yang began his three-year term until March 2021. He was the favorite candidate of the two suggested early in March by a committee for public institutions management affiliated to the Ministry of Strategy and Finance. Yang gained presidential approval for the KNOC top post, following the Energy Minister’s recommendation of the candidates. KNOC CEO Yang Su-yeong (KNOC)Formerly a v
Industry March 26, 2018
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[Herald Interview] Facing regulatory bar at home, QARASoft robo adviser heads overseas
The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 12th installment. - Ed.Regulatory hurdles were high for local financial technology venture firm QARASoft, as its investment platform, the first of its kind in South Korea, was suspended shortly after its launch last year.QARASoft’s now-defunct platform, called “QARA,” connected individual asset managers with funds pooled -- or borrowed -- from peer-to-pe
Market March 25, 2018
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New NH brokerage arm CEO to bolster investment banking biz
The new chief executive of NH Investment & Securities said in a press conference Friday that he would bolster the securities firm’s investment banking division, in a move to maintain growth that began to take shape in the past few years on the back of business diversification. Jeong Young-chae, who took office as CEO of NH Investment & Securities on Thursday, revealed that the firm plans to reap 190 billion won ($175.6 million) in net profit this year solely from its IB business, a
Market March 23, 2018
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SK Innovation’s new PR clip features hyperlapse technique
SK Innovation on Thursday released a new promotional clip made using the hyperlapse technique combined with satellite images of the earth. The Hyperlapse technique refers to a method of time-lapse photography designed to create motion shots, by moving a camera between each shot and combining the snaps into a clip. SK Innovation’s clip features over 1,800 satellite images depicting business areas of the South Korean refiner, and uses 30 photos per second. A screen grab of SK Innovation’s new 1-mi
Industry March 22, 2018
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President Moon to attend Korea-Vietnam business forum
South Korea’s President Moon Jae-in and Vietnam’s President Tran Dai Quang are to attend a Korea-Vietnam business forum in Hanoi, Vietnam, on Friday, the Korea Chamber of Commerce and Industry said Thursday. This will mark the first forum since the two nations formed business ties in 1992, KCCI added. “It’s been a norm that deputy prime ministers headed the forum’s representatives,” a KCCI official said, adding Quang’s visit to the forum means Vietnam regards Korea as an “important partner for b
Industry March 22, 2018
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New chief of Kosdaq committee vows to nurture ‘market of future’
The newly appointed head of a committee for South Korea’s second-tier bourse Kosdaq vowed Wednesday to nurture the exchange into a “market of the future” and distinguish its role from that of the top-tier Kospi market. “We will discover more small and mid-sized venture firms with high potential for growth and give them wider opportunities for initial public offerings,” said Khil Jae-uk, chairman of the Kosdaq Market Committee, at a press conference. The news c
Market March 21, 2018
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FSC to grant financial firms easier access to databases
South Korea’s top financial policymaking body rolled out plans Monday to lower regulatory barriers for local financial firms to capitalize on databases accumulated in the public sector to improve their products, while also strengthening ways for consumers to take control of their own personal information shared by different financial services firms. The Financial Services Commission said such measures in the long run would be key to achieving “financial inclusion.” In a me
Market March 19, 2018
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Douglas Min leads AIG Korea as CEO
Douglas Min has taken office as president and chief executive officer of insurer American International Group Korea, the firm said Monday.This came two weeks after a shareholders meeting approved a one-year tenure for Min. AIG Korea is wholly owned by AIG Asia Pacific Insurance, based in Singapore. With over 20 years of experience in the field, Min replaced Steven Barnett, who stepped down Monday after serving as chief of the global insurer’s Korean unit since 2011. Min joined AIG in
Market March 19, 2018
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[Kosdaq Star] K-pop giant S.M. enhances TV series production arm
This is the 52nd in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed.K-pop juggernaut S.M. Entertainment has ramped up efforts to equip itself with TV series production capacities and stronger actor and actress lineups in response to a growing demand for South Korean TV content in the global market. On Wednesday, the firm confirmed two planned acquisition deals worth a combined 80 billion won ($74.9 million).Along with anticipation for improvement in t
Market March 18, 2018
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Hana Financial chief faces bumpy road ahead of reinstatement
The fate of Hana Financial Group Chairman Kim Jung-tai remains to be seen, as he faces a scandal with just a week left till the group’s shareholders meeting to vote on his third three-year term. Financial watchdogs have zeroed in on the banking group on allegations of recruitment irregularities, while a revelation by the group’s labor union has added fuel to the scandal, arguing Kim was engaged in wrongdoings in its recruitment process.An internal committee consisting of external dir
Market March 16, 2018
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FSC to toughen governance rules for financial firms
South Korea’s Financial Services Commission announced Thursday a set of plans to strengthen corporate governance rules for financial firms here, mainly to tackle a lack of transparency in nomination processes for chiefs at local banking firms.The plans to revise the Act on Corporate Governance of Financial Companies, to be proposed by June, aim to prohibit the incumbent chief of a financial firm from joining an internal committee to nominate outside directors. It would also obligate o
Market March 15, 2018
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FSC chief sides with Kumho Tire creditors
Financial Services Commission Chairman Choi Jong-ku said Kumho Tire creditors’ demand to normalize the Korean tire manufacturer mainly by selling the firm’s majority stake to a Chinese firm is a “prerequisite” for the firm’s survival, during a press conference Wednesday.Choi called for the tiremaker’s labor union to comply with the self-restructuring plan in the making, amid the union’s opposition due to fears of employment insecurity and a technology le
Market March 14, 2018
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Hana Financial under renewed probe upon FSS chief resignation
The Financial Supervisory Service on Tuesday launched a special investigation into misconduct at Hana Financial Group and its subsidiary KEB Hana Bank in hiring entry-level employees.The move came a day after the watchdog’s former governor, Choe Heung-sik, offered to resign amid growing allegations that he was involved in the scandal during his stint at the banking group in 2013. A 15-day special in-house counsel team headed by FSS Deputy Gov. Choi Seong-il was launched Tuesday to loo
Market March 13, 2018
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